|
Taxation |
| Canada (01/2005) |
United States (01/2005) | |
|---|---|---|
| Corporate Income Tax (%)a | ||
General Rate |
22.12 | 35 |
Small Business |
13.12 | 32 |
| Capital Tax (%)b | 0.175 | --- |
| General Sales Tax (%)c | 7 | --- |
| Social Securityd | 4.95% (max. $1,861.20 on max. contributory earnings of $37,600) | 6.2% (max. $5,580.80 on max. contributory earnings of $90,000) |
| Employment Insurance/Unemployment Tax (employer premiums)e | 2.73% (max. $1,065 on max. insurable earnings of $39,000) | 6.2% ($434 on taxable wage limit of $7,000) |
| Medicare | --- | 1.45% |
| Note: amounts in currency of country a) Canada: Federal small business rate is currently being applied to taxable income up to C$300,000. United States: The small business rate is the effective federal rate on taxable income of US$245,000 approximating the Canadian federal small business threshold at a Jan. 2005 exchange rate of 1.2253. b) Corporations with taxable capital employed in Canada in excess of C$50 million are subject to the 0.175% Large Corporation Tax. This tax is being phased out by 2008. c) This refundable value-added tax has no net cost once input tax credits (refunds) have been claimed. d) Represents Canada Pension Plan and U.S. Social Security. In Canada the employers' Canada Pension Plan share is equal to the employees share. The maximum pensionable earnings in Canada are $41,000. A $3,500 deduction is applied to calculate the maximum contributory earnings of $37,600. e) Canada: All rates shown are maximum rates paid by employers at 1.4 times the employee premium and are levied at the federal level only. United States: The Statutory Federal rate is 6.2%. Employers can claim a credit against the federal employment insurance tax (FUTA) for contributions paid into state unemployment funds. This credit cannot be more than 5.4%of taxable wages. The FUTA tax after the maximum credit is 0.8%. Source: Canada Revenue Agency; Internal Revenue Service; PricewaterhouseCoopers, Tax Facts and Figures for Individuals and Corporations - Canada 2005; Alberta Economic Development |
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| BC | AB | SK | MB | ON | QC | NB | NS | PE | NL | |
|---|---|---|---|---|---|---|---|---|---|---|
| Corporate Income Tax | ||||||||||
| General Rate | 12 | 11.5 | 17.0 | 15 | 14.0 | 8.9 | 13.0 | 16.0 | 16.0 | 14.0 |
| Mfg. & Proc. Rate | 12 | 11.5 | 10-171 | 15 | 12.0 | 8.9 | 13.0 | 16.0 | 16 | 5.0 |
| Small Business Rate | 4.5 | 3 | 5 | 5.0 | 5.5 | 8.9 | 2 | 5.0 | 6.5 | 5.0 |
| Threshold | 400 | 400 | 300 | 400 | 400 | n/a | 450 | 350 | 300 | 300 |
| Capital Tax | ||||||||||
| General | --- | -- | 0.6 | 0.5 | 0.3 | 0.6 | 0.3 | 0.275 | --- | --- |
| Financial Institutions | 3 | -- | 3.25 | 3.0 | 0.9 | 1.452 | 3.0 | 4 | 5.0 | 4.0 |
| Health Care Premiums | ||||||||||
| Individual/Family (max) | 54/108 | 44/88 | --- | --- | 75 | --- | --- | --- | --- | --- |
| Employer Payroll Tax | --- | -- | --- | 2.15 | 1.95 | 4.26 | --- | --- | --- | 2 |
| General Sales Tax | 7 | -- | 7 | 7.0 | 8.0 | 7.5 3 | 8 | 8 | 10.03 | 8.0 |
| Fuel Tax | ||||||||||
| Gasoline | 14.54 | 9.0 | 15.0 | 11.5 | 14.7 | 15.24,6 | 14.56 | 15.56 | 11.56 | 16.56 |
| Diesel | 15.0 | 9.0 | 15.0 | 11.5 | 14.3 | 16.2 | 16.9 | 15.4 | 11.5 | 16.5 |
| Aviation Fuel | 2.05 | 1.55 | 1.55 | 3.2 | 2.7 | 3.0 | 2.5 | 0.9 | 0.7 | 0.7 |
| Rail Diesel | 3.0 | 1.5 | 15.0 | 6.3 | 4.5 | 3.0 | 4.3 | --- | --- | --- |
| Tobacco Tax | 35.8 | 32.0 | 35.06 | 35.06 | 23.45 | 20.6 | 23.56 | 31.046 | 34.9 | 34.06 |
| Hotel Room Tax | 8.07 | 4.08 | 7 | 7.0 | 5.0 | 3 | 8.0 | 8.0 | 10.0 | 8.0 |
| Source: PriceWaterhouseCoopers, Tax Facts and Figures for Individuals and Corporations - Canada 2005; Alberta Finance. 1. The general corporate tax rate is reduced by up to 7 points based on the share of a corporation's national manufacturing and processing income allocated to Saskatchewan. 2. The Quebec financial institutions capital tax includes the base rate of 1.20% and a compensatory tax of 0.25%. 3. These provinces apply their retail sales tax on the retail price of the good inclusive of GST. 4. An additional 6 cents/L is imposed in the greater Vancouver area, 2.5 in Victoria, and 1.5 in Montreal. 5. Alberta and Saskatchewan exempt all international flights from the aviation fuel tax. British Columbia refunds the aviation fuel tax paid on fuel used in respect of international cargo shipments. 6. These provinces apply their retail sales tax on the retail price of the good inclusive of the particular excise tax. 7. Victoria and Vancouver impose an additional 2% hotel room tax. 8. Tourism levy where money is dedicated to tourism marketing and development. 9. These provinces apply their retail sales tax on the retail price of the good inclusive of the particular excise tax. |
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| Municipal Tax Rate (2004) | Mill Rates | |||
|---|---|---|---|---|
| Resid./ Farm | Non-Resid. | Resid./ Farm | Com-ercial/ Indst. | |
| Village of Barons (2004 ) | 19.272 | 24.911 | ||
| Blood Tribe | -- | -- | -- | -- |
| Town of Cardston (2005) | 10.500 | 12.000 | 15.299 | 18.954 |
| Cardston County | ||||
| Village of Carmangay (2006) | 16.450 | 16.450 | ||
| Town of Claresholm (2006) | 7.550 | 16.630 | ||
| Town of Coaldale(2004) | 10.144 | 11.706 | 15.572 | 19.631 |
| Town of Coalhurst (2006) | 12.609 | 16.694 | ||
| Village of Coutts (2006) | 9.357 | 19.888 | 14.629 | 26.006 |
| Village of Champion | ||||
| County of Lethbridge | ||||
| City of Lethbridge (2006) | 11.784 | 23.919 | ||
| Town of Magrath | 8.674 | 8.674 | ||
| Town of Milk River | ||||
| Village of Milo (2006) | 17.804 | 21.994 | 17.804 | 21.994 |
| Village of Nobleford | 8.251 | 10.828 | ||
| Town of Picture Butte (2006) | 12.881 | 10.381 | 14.832 | 19.185 |
| Town of Raymond | 12.260 | 16.650 | ||
| Village of Stirling | ||||
| MD of Taber (2006) | 5.616 | 6.616 | ||
| Town of Taber (2006) | 9.391 | 11.996 | 13.841 | 18.378 |
| Vulcan County | ||||
| Town of Vulcan | 11.800 | 16.200 | ||
| Town of Vauxhall | 4.833 | 12.816 | ||
| Village of Warner | ||||
| County of Warner (2006) | 3.140 | 14.794 | 15.334 | |
| Source: SouthGrow Community Profiles | ||||
| SouthCentral (2001) | |
|---|---|
| Equalized Tax Rate (Residential) | 1.31% |
| Equalized Tax Rate (Non Residential) | 1.62% |
| Equalized Tax Rate (Linear) | 1.61% |
| Source: Alberta Municipal Affairs (Equalized tax rates are an estimate of tax rates that would be applied to the market value of a property. Actual taxes are determined by applying the local mill rate for taxes to the locally assessed value of a property. Market values and assessed values for a property may be different values in a community.) | |
| SouthCentral (2001) | |
|---|---|
| Basic Amount* | $14,523 |
| Provincial Personal Tax Rate | 10% |
| Federal Personal Income Tax Rate | 29% |
| Note: Basic personal credits eliminate tax on amounts of taxable income shown Source: Facts on Alberta. Alberta Economic Development. Policy and Economic Analysis Department. February 2005. |
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